Buying a house can be challenging. Buying a house when you’re a senior? Even more so.
To help you out, we’ve assembled a quick guide to choosing the most ideal retirement home. When talking to agents and developers, don’t forget to keep these tips in mind:
Ask your future neighbors
Builders and community developers will have nothing but praise for their developments, so you need to find a more objective source of information. And who better to ask than the people who already live there? Speak to the residents, and ask them what the pros and cons of living in the community are. If the community is truly great, the current residents will be its biggest ambassadors.
Access to medical care
As you enter your golden years, easy access to healthcare becomes even more crucial. Some retirement communities offer in-house nursing care, while others simply allow residents to hire external home care agencies. Make sure the community is also near top-notch hospitals, so you can get immediate attention in case of health emergencies.
Amenities that match your lifestyle
What kind of lifestyle do you wish to pursue when you retire? Do you want to live in a quiet community that’s close to nature and that your grandkids will love visiting? Or do you want to continue the active lifestyle you’ve always enjoyed? When evaluating communities, make sure their amenities will allow you to pursue your interests.
How much house do you need?
Contrary to what many believe, retirees don’t always want to downsize their homes. After years of living in spacious abodes, a majority of seniors don’t want to live in cramped quarters. On the flip side, many elder Americans prefer minimalist living since they’ll be traveling often anyway. Luckily, retirement communities offer a wide variety of properties, from cozy condos to sizable residences.
Do ask about restrictions
Don’t forget to sweat the little things. For instance, some communities have homeowner’s associations that have restrictions on pet ownership or modifying homes. Likewise, ask the developer if it has policies that might affect your estate planning. If you plan to leave your home to your kids, for example, will they have to pay special fees or encumbrances? And if you live in an age-restricted community, will it complicate their ability to inherit the property?
Rent or buy?
Of course, you don’t necessarily need to purchase your retirement residence. In fact, many seniors choose to simply rent the property instead. This ensures flexibility, especially if you plan to travel a lot or find that you’re not completely happy with the community. If you do intend to buy, try to negotiate the contract so that you won’t have to continue paying service fees if ever you need to move to a higher care facility.
Ready to start looking for the ideal place to retire in Tennessee? Consider moving to Knoxville, hailed by MagnifyMoney as the #1 place in American to retire early. With affordable housing, a low cost of living, and plenty of attractions, it’s a place where you can thrive in your golden years. For more information, call Frank Goswitz at 865.218.1159 or e-mail him at firstname.lastname@example.org.